Published December 1st, 2020 By: Ann Bretts.
Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, CoStar and other research.
An entity related to Eden Prairie-based Interstate Development has spent nearly $9.4 million for 59 units in the Portage Townhomes, a residential community in Rochester.
Portage Multifamily LLC, an Interstate entity, acquired the property from Meridian Investment Group of Rochester LLC in Oronoco.
The price works out to $159,254 per unit.
The property includes 59 two-bedroom units in 14 buildings, with multiple addresses on 9 acres along Portage Circle Northwest, an area north of U.S. 14 and west of U.S. 52. Units are 1,080 square feet in size, with rent of $1,358 per month. The address for the development is listed at 3282 Portage Circle NW.
The average sales price per unit for apartments in the Twin Cities metro area is $136,714, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 60,133 apartment units since Aug. 31, 2011.
A spokesperson for Interstate declined to comment on the property or the company’s plans.
Place: 3282 Portage Circle NW, Rochester
Price: $9.396 million; $159,254 per unit
Buyer: Portage Multifamily LLC, Eden Prairie
Seller: Meridian Investment Group Of Rochester LLC, Oronoco.
Click here for full article: Just Sold: Rochester townhome complex sells for $9.4 million